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AdaSwap (ASW) Releases NFT Marketplace on Cardano with Novel Voting System

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Wed, 30/03/2022 - 13:00
AdaSwap (ASW) Releases NFT Marketplace on Cardano with Novel Voting System
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AdaSwap (ASW), an ecosystem that makes dApps and DeFi releases on Cardano (ADA) seamless and straightforward, shares the details of its first release in the NFT segment.

AdaSwap's NFT initiative ADANFT addresses authenticity and cost-efficiency issues

As announced by AdaSwap's team, its flagship new-gen marketplace for non-fungible tokens, ADANFT, is set to go live on Cardano (ADA), the largest proof-of-stake blockchain.

ADANFT ecosystem will be supercharged by two cutting-edge technologies to solve most dangerous issues of NFT segment. In particluar, users of ADANFT will be protected from buying plagiarized items and paying exorbitant fees.

As the space is flooded with dozens of copycats impersonationg famous NFT collections such as Azuki, RTFKT, Bored Ape Yacht Club, Mutant Ape Yacht Clubs and so on, ADANFT implements a community-driven moderation module. Community-selected moderators will greenlight the top artwork and approve new releases.

Then, a novel Cardano-based technical mechanism will ensure that ADANFT users will be charged with negligible fees, far lower than those of Ethereum (ETH) and other crypto heavyweights.

AdaSwap CEO Lennon Qualmann states that his product launches to push the barriers of decentralization and resource-efficiency in NFT trading and the digital art markets:

In the pursuit of gamifying the AdaSwap DEX we looked towards the new frontier of blockchain technology and changing trends, the NFT realm fit perfectly. We are aiming to change the way NFTs interact with traditional finance protocols as well as changing the way NFTs are traded by bringing forward new and exciting ideas.

Bringing additional utility to ASW tokens

ASW, a core native utility and governance asset of AdaSwap ecosystem, will be a building block of ADANFT's tokenomic design. Three tiers will be opened for ADANFT users—Silver, Gold and Platinum—according to the sizes of their ASW bags.

Rare and ultra-rare NFTs will be avaliable to holders of elite tiers. This creates one more catalyst for ASW value increase and interest in token purchasing.

In upcoming releases, an ASW-based system will be able to measure user activity, voting participation and other crucial metrics within the ADANFT ecosystem.

Related

As covered by U.Today previously, AdaSwap inked a partnership with COTI Network regarding the integration of Djed, Cardano's algorithmic stablecoin. Also, its funding round yielded participation from renowned actress Gal Gadot.

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